BlockBeats News, May 7th, according to Coinglass data, Bitcoin surged in the early morning to nearly $83,000 before falling back. The current funding rates on major CEXs and DEXs indicate a bearish sentiment in the market, as shown in the attached image.

BlockBeats Note: The funding rate is a fee set by cryptocurrency exchanges to maintain balance between the contract price and the underlying asset price, usually applied to perpetual contracts. It is a mechanism for fund exchange between long and short traders, and the trading platform does not collect this fee. It is used to adjust the cost or profit of traders holding contracts to keep the contract price in line with the underlying asset price.

When the funding rate is 0.01%, it indicates the baseline rate. A funding rate above 0.01% represents a generally bullish market, while a funding rate below 0.005% indicates a bearish market.